Sea Limited posted record second-quarter revenue of US$5.26 billion, a 38 percent year-on-year increase that exceeded analyst expectations of around US$5 billion. Net income rose to US$414 million from US$80 million a year earlier, while GAAP earnings per share came in at US$0.65, below consensus estimates near US$0.80 but up sharply from US$0.14 in the prior-year quarter. Adjusted EBITDA more than doubled to US$829 million, giving the Singapore-based company a margin of 15.8 percent. Growth was broad-based. Shopee, the group’s e-commerce arm, lifted revenue 34 percent to US$3.8 billion as gross merchandise value climbed 28 percent to US$29.8 billion on 3.3 billion orders. Digital financial-services revenue surged 70 percent to US$883 million on rapid expansion of its loan book, while the Garena gaming division logged a 28 percent revenue gain to US$559 million, helped by an 18 percent increase in paying users of its flagship title “Free Fire”. Chief Executive Officer Forrest Li said momentum from the strong first half is expected to continue into the third quarter, citing resilient demand in Brazil for Shopee and a bookings outlook of more than 30 percent growth this year for Garena. Management reiterated its ability to balance expansion with improving profitability. Investors welcomed the results. U.S.-listed shares of Sea jumped as much as 19 percent to US$174.12 before closing up 19.07 percent, their biggest one-day gain in more than a year. Jefferies raised its price target on the stock to US$196, pointing to sustained growth and cost discipline across the company’s three core businesses.